AI in Healthcare Market Introduction & Overview

AI in healthcare is used to perform complex cognitive tasks and to analyze large amounts of patient data quickly & effectively. Artificial Intelligence makes use of number of different algorithms and decision-making capabilities, as well as vast amounts of data, to provide a solution or response to a request. AI in healthcare offers the opportunity to help physicians identify better treatment options, detect cancer at an early stage and engage patients for better healthcare. Companies such as IBM have played a big role in pushing AI into healthcare. The company is using its Watson platform technology in the field of cancer research, insurance claims and clinical support tools to enhance AI needs. For instance, Alder Hey Children’s Hospital uses chatboats to access validated information from patients related to a hospital visit. The cognitive technology is provided by IBM Watson to enhance the patient experience.

Increasing application of AI in health monitoring, drug creation, digital consultation, diagnosing various forms of diseases, and other healthcare system analysis is augmenting the demand for AI in healthcare market. AI in healthcare sector can also be used for managing claims, medical imaging, detecting fraud, improving clinical workflows, and predicting hospital acquired infections. However, lack of skilled professionals in AI is likely to restrain the growth of market to a certain extent.

AI in Healthcare Market has primarily been segmented into the following categories, viz. By offering, By Technology, By Application and By End User, and By Region

AI in Healthcare Market by offering

On the basis of offering, AI in healthcare market is segmented into hardware, software and, services. The software segment is estimated to account for the largest share in the global AI in healthcare market. The large share of this segment can be attributed to the development of several AI-based software and tools in healthcare industry. The hardware segment is estimated to witness highest CAGR during the forecast period.

AI in Healthcare Market by Technology

On the basis of technology, the market can be segmented into machine learning, natural language processing, context-aware computing, and other technology. In terms of market share, the segment of context-aware computing is estimated to account for the largest market share, as it has ability to process large amount of data beyond the scope of human capability and helps doctors in providing better healthcare outcomes, lowering the costs of care, and improving patient’s satisfaction.

AI in Healthcare Market by Application

The segment of application can be majorly classified into inpatient care & hospital management, medical imaging & diagnostics, patient data and risk analysis, and virtual assistant, and other applications. The in-patient care & hospital management segment is projected to be the fastest growing segment in the market during the forecast period, as it is helpful in improving administrative workflow assistance.

AI in Healthcare Market by End User

The segment of source can be majorly classified into patients, hospitals & providers, pharmaceutical & biotechnology companies, and others. The patients segment is projected to be the fastest growing segment in the AI in healthcare market during the forecast period as AI in healthcare is mainly used for patients effectiveness and related concern.

AI in Healthcare Market by Regions

The global AI in healthcare market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).  North America holds the largest share in AI in healthcare market. Several factors such as well-established healthcare sector in the region, presence of key vendors of artificial intelligence (AI) in healthcare market coupled with growing adoption of healthcare IT solutions can be attributed to the growth of this region. Asia Pacific is expected to witness the highest CAGR owing to several technological advances in AI healthcare, improving infrastructure for IT healthcare, and increasing government initiatives for AI technology.   

AI in Healthcare Market Prominent Players

Some of the key players operating in the global artificial intelligence in healthcare market are NVIDIA Corporation, Intel Corporation, GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, Koninklijke Philips N.V., IBM, Google, Micron Technology, Inc., Medtronic, and Microsoft among others.